20 September 2012

Overseas Union Enterprise, the Lippo
Group's Singapore property arm, has been approached by a potential buyer to
purchase an Orchard Road hotel and mall, valued at $1.7 billion.

OUE has offered a potential buyer
exclusivity to conduct preliminary due diligence on Mandarin Orchard Singapore,
the 1,051-room hotel, and Mandarin Gallery, the company said in a statement to
the Singapore Exchange.

The two properties were valued at
$1.7 billion last year, according to the company's annual report.

OUE added that "no firm decision
has been taken and no definitive agreement has been entered".